Sikkim-Manipal University of Health Medical and Technological Sciences (SMUHMTS) 2009 B.B.A BB 0006 - FINANCIAL ACCOUNTING –AN INTRODUCTION - Assignments for spring session - Question Paper

ASSIGNMENT
BBA – 1st SEMESTER
SUBJECT CODE BB 0006
(4 CREDITS) 60 MARKS
SET I

SUBJECT: FINANCIAL ACCOUNTING –AN INTRODUCTION

NOTE: every ques. carries TEN marks


1.What are the 3 branches of accounting and briefly define the different types of accounting activities. 10 Marks

2.a) Why is a bank reconciliation statement prepared? three marks


b) Cash balance as per pass book is Rs.32000 on 31-05-2006. On the
identical date, cash balance as per the cash book is various and
therefore a scrutiny of the different transactions reveals that:

i)Cheques deposited in bank on 27th March, 2006 were not collected
before 31st May Rs.9,800
ii)Cheques issued on 30th May, 2006, were cleared by the bank only on fourth June, 2006.
iii)Cash deposited by customers directly to our business account in the bank Rs 6300, not yet recorded in the cash book.
iv)Cheques which were sent for collection, subsequently got dishonored on 31st May, 2006 Rs.4,800, not yet recorded in the cash book.
v)The bank has debited our account as bank charges Rs.70, not yet
recorded in cash book.
Prepare Bank Reconciliation Statement and show the balance as per cash
book. seven marks

3. Write journal entries for the subsequent transactions and prepare ledger accounts.
10 marks
1.Kishor commenced business with cash Rs. 1,00,000
2.Purchased goods on credit 64000
3.Withdrew for private use 3000
4.Goods purchased for cash 12000
5.Paid wages 5000
6.Paid to creditors 40000
7.Sold goods on credit 92000
8.Sold goods for cash (Cost price Rs.3000) 6000
9.Purchased furniture for cash 5000
10.Received from debtors 31000

4. a) Briefly state the particulars of Accounting Standard 10. four marks
b) Compare fixed installment and reducing balance method of depreciation accounting. Which is a better system and why? 6 marks
5. a) What do you mean by secondary books of account? (2 Marks)
b) Record the subsequent transactions in the personal account of Mr. Somanath and balance the account at the end of every month. The opening debit balance of Somanath on first September 2003 is Rs. 5,600. obtain out the closing balance for the month.of September and October.
(8 Marks)










6. a) The subsequent Trial balance was extracted from the books Chetan, a small businessman. Do you think that it is correct? If not, rewrite it in the accurate form.
Debits
Rs.
Credits
Rs.
Stock
Purchases
Returns outwards
Discount received
Wages and salaries
Rent and rates

Earning:   Approval pending.